PlanB Says Bitcoin Explosion to $500,000 Still on Track As Indicator Suggests 7–10x Rallies From Here
dailyhodl.com 26 August 2024 19:59, UTC Quant analyst PlanB says that Bitcoin (BTC) remains on track to hit $500,000 based on one benchmark indicator.
PlanB tells his nearly 1.9 million followers on the social media platform X that he is doubling down on his massive six-figure price prediction for Bitcoin despite months-long sideways movement.
Responding to a follower asking about BTC’s recent chop, PlanB says he still believes Bitcoin is on track to hit an average price of $500,000 between now and 2028.
“Great question. The boring six-month trading range did not really surprise me. Of course, my hope was for a sooner pump. But I have become very patient: as long as Bitcoin stays within the (wide) flight envelope (which it does!) it’s all OK. So my target (since 2019) is $500,000 average for 2024-2028 halving period, with $250,000-$1 million range.”
PlanB says that based on Bitcoin’s historical behavior after touching the 200-week moving average (MA), BTC may have somewhere between a 7 and 10x move approaching.
“Bitcoin increased 4x from the bottom in 2022 to now. Historically 7-10x follows from here. What do you think Bitcoin will do next 12 months?”
The analyst also suggests that increased institutional adoption of Bitcoin won’t alter BTC’s course, but instead contribute to its market cycles.
“No, I don’t think institutional investors like [BlackRock] change the pattern, they are part of the (adoption) pattern, we need them to continue the pattern!”
Bitcoin is trading for $63,588 at time of writing, down slightly in the last 24 hours.
Generated Image: Midjourney
